LVMH's caution points to 'waning lust for luxury'

Post-covid sales boom showing signs of slowing as customers curtail spending on high-end goods

Louis Vuitton is part of LVMH's stable of luxury brands.

Luxury shoppers in the US are curtailing purchases of high-end fashion and leather goods, LVMH's first-quarter sales report showed, adding to evidence a strong, months-long, post-pandemic splurge may be ending.

Shares in Europe's most valuable listed company rose nearly 5% to record highs in trading yesterday after it reported a 17% jump in sales, thanks to a sharp rebound in China following the end of covid-19 lockdowns.